EGX mid-session report: Market slightly up in sideways
the Egyptian Stock Exchange in Cairo - REUTERS/Amr Abdallah Dalsh

CAIRO: The Egyptian Exchange’s indexes rose slightly in the mid-session Monday, but for a limited decline in the EGX20 index, due to profit taking.

The EGX30 benchmark index rose by 0.22 percent to close at 8,144 points, compared to 8126.33 points on Sunday.

The small and mid-cap EGX70 index also edged up 0.265, closing the mid-session at 649 points. Further, the broader index EGX100 went up 0.51 percent, while the EGX20 index fell 0.2 percent.

Market capitalization gained around 800 million EGP to hit 292 billion EGP, compared to 491.2 billion EGP yesterday.

The rise was attributed to Arab and foreign traders tending to purchase, while Egyptians mostly sell. Arabs’ net purchases reached 221,000 EGP, and foreigners’ net purchases hit 65.1 million EGP, while Egyptians’ sell-offs scored 65.3 million EGP.

Ihab el-Saeed, the head of technical analysis and board member of Osool ESB for Securities’ Brokerage, credited the rise to selective purchases, especially spinning and weaving along with transportation shares.

Moreover, Saeed told The Cairo Post by phone that he expects the market to continue its sideways movement until the presidential candidates are confirmed and the country’s political outlook is improved, at which point he said he expected the EGX30 to edge up again approximately 8,200 points.

He also expected the EGX30 to edge up only 15-20 points by the end of Monday’s trading session.

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